HC Wainwright Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $50.00

Legend Biotech (NASDAQ:LEGN) had its target price trimmed by HC Wainwright from $60.00 to $50.00 in a research report released on Thursday morning, MarketBeat reports. The firm currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Legend Biotech in a research report on Tuesday, January 20th. Morgan Stanley dropped their price objective on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, December 12th. Oppenheimer assumed coverage on shares of Legend Biotech in a research note on Wednesday, January 7th. They set an “outperform” rating and a $75.00 target price on the stock. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Legend Biotech Stock Down 1.7%

Legend Biotech stock opened at $19.01 on Thursday. The company has a market capitalization of $3.51 billion, a PE ratio of -29.25 and a beta of 0.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. Legend Biotech has a fifty-two week low of $18.99 and a fifty-two week high of $45.30. The firm has a 50 day moving average price of $23.93 and a 200 day moving average price of $31.28.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The company had revenue of $272.33 million for the quarter, compared to analysts’ expectations of $277.91 million. During the same period in the prior year, the firm earned ($0.34) earnings per share. The firm’s revenue was up 70.0% compared to the same quarter last year. Research analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the company. Clearstead Advisors LLC raised its stake in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares during the last quarter. OFI Invest Asset Management raised its position in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Legend Biotech during the second quarter worth approximately $78,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.